China Automotive reports Q1 EPS 27c vs. 23c last year

Reports Q1 revenue $139.39M vs. $142.2M last year. Qizhou Wu, chief executive officer of CAAS, commented, “We are pleased with achieving higher gross profit, income from operations, diluted income per share and net cash flow from operating activities in the 2024 first quarter. We remain confident in our sales growth in 2024, despite a slight decline in the 2024 first quarter. Our electric power steering (“EPS”) sales percentage remained consistent around 34.0% of total sales in the first quarter of 2024. International sales were mixed as sales in Brazil continued its growth trend with a 17.6% year-over-year sales rise, and North American sales were down by 12.4% year-over-year mainly due to temporary lower product sales to Stellantis N.V in the 2024 first quarter.”